ACME Solar Holdings IPO
ACME Solar Holdings IPO — date, price band, lot size & details 2024
ACME Solar Holdings listed on 13 Nov 2024 at ₹251, 13.1% below the ₹289 issue price.
ACME Solar Holdings is a renewable energy company that develops, builds, owns and runs utility-scale solar, wind, hybrid and FDRE projects. It had 1,340 MW of operational capacity at the prospectus date.
Stock price
ACME Solar Holdings is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 06 Nov 2024
- Close 08 Nov 2024
- Allotment 11 Nov 2024
- Refund/credit 12 Nov 2024
- Listing 13 Nov 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 6 to 8 Nov, 2024 |
|---|---|
| Price Band | ₹275 – ₹289 |
| Face Value | ₹2 |
| Lot Size | 51 Shares |
| Issue Size | ₹2900 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 27.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,739 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 51 shares at the ₹289 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 51 | ₹14,739 |
| Retail (max) | 13 | 663 | ₹1,91,607 |
| S-HNI (min) | 14 | 714 | ₹2,06,346 |
| S-HNI (max) | 67 | 3,417 | ₹9,87,513 |
| B-HNI (min) | 68 | 3,468 | ₹10,02,252 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax was Rs 697.78 crore in FY2024, after a loss of Rs 3.17 crore in FY2023.
- 02It had 1,340 MW operational and 3,250 MW of contracted capacity under construction.
- 03Rs 2,395.04 crore of the issue was fresh capital, mostly for repaying debt.
- 04Long-term power sale contracts give visibility on income, and net worth was Rs 1,942.12 crore.
- 05The source puts the PAT margin at 47.59%.
Risks · 5
- 01Total borrowing was Rs 9,319.91 crore on 30 June 2024, and the source puts debt to equity at 3.89.
- 02Profit was only Rs 1.39 crore in the three months to 30 June 2024, so FY2024 profit may not repeat.
- 03Total income fell from Rs 1,562.73 crore in FY2022 to Rs 1,466.27 crore in FY2024.
- 04Large projects under construction, including 1,730 MW of awarded capacity, carry delay and cost risk.
- 05Promoters held 100% before the issue and 83.41% after it.
Three years of numbers
All figures in ₹ crore, as reported in the ACME Solar Holdings offer document.
| Metric | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 13,985.14 | 13,399.80 | 12,186.95 | 10,886.72 |
| Total Income | 340.01 | 1,466.27 | 1,361.37 | 1,562.73 |
| Profit After Tax | 1.39 | 697.78 | -3.17 | 62.01 |
| NET Worth | 1,942.12 | 2,590.87 | 1,900.56 | 1,908.76 |
| Reserves and Surplus | 1,837.68 | 1,836.43 | 1,146.12 | 1,154.32 |
| Total Borrowing | 9,319.91 | 8,217.59 | 8,657.35 | 7,563.60 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the ACME Solar Holdings RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
ACME Solar Holdings IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹13.36 | ₹0.09 |
| P/E Ratio (x) | 21.63 | 3,147.37 |
| Market Cap at Offer Price (₹ Cr) | ₹30.07 | ₹4,463.44 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹289 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹2,294.78 Cr of the issue is earmarked to named objects.
About the company
It develops, builds, owns, operates and maintains utility-scale projects through its in-house EPC and O&M teams, and earns revenue by selling electricity to off-takers including central and state government bodies.
As of the prospectus date it had operational capacity of 1,340 MW, contracted capacity under construction of 3,250 MW and awarded capacity under construction of 1,730 MW.
The IPO was Rs 2,900 crore, with Rs 2,395.04 crore of fresh issue and Rs 504.96 crore of offer for sale by ACME Cleantech Solutions. Fresh money was mainly planned for repaying subsidiary borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
ACME Solar Holdings IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Gopal Snacks (-12.5%).
Nuvama Wealth Management Ltd.
42 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: Ajax Engineering (-8.4%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Motilal Oswal Investment Advisors
58 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: R K Swamy (-13.2%).
Kotak Mahindra Capital Company Limited
93 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of ACME Solar Holdings?
The current Grey Market Premium is ₹0.
What is the ACME Solar Holdings IPO price band?
₹275 to ₹289, on a face value of ₹2.
When is the allotment?
The basis of allotment is 11 November 2024, with listing on 13 November 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
